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Sanghvi Movers

BSE: 530073|NSE: SANGHVIMOV|ISIN: INE989A01024|SECTOR: Engineering - Heavy
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« Mar 14
Auditor's Report (Sanghvi Movers) Year End : Mar '15
We have audited the accompanying financial statements of Sanghvi Movers
 Limited (the Company), which comprise the Balance Sheet as at 31
 March 2015, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these financial statements that give a true and
 fair view of the financial position, financial performance and cash
 flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding of the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 there under.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act.  Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on the effectiveness of the entity''s internal control.  An
 audit also includes evaluating the appropriateness of the accounting
 policies used and the reasonableness of the accounting estimates made
 by the Company''s Directors, as well as evaluating the overall
 presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at 31 March 2015, and its profit and its cash flows for the year ended
 on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order), issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 2.  As required by Section 143 (3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on 31 March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 26 to the
 financial statements;
 
 ii. The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Independent Auditor''s Report - 31 March 2015
 
 With reference to the Annexure referred to in paragraph 1 of Report on
 Other Legal and Regulatory Requirements of the Independent Auditors''
 Report to the members of the Company on the financial statements for
 the year ended 31 March 2015, we report that:
 
 1.  (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) The Company has a regular program of physical verification of its
 fixed assets, by which all fixed assets are verified in a phased manner
 over a period of two years. In our opinion, the periodicity of physical
 verification is reasonable having regard to the size of the Company and
 the nature of its assets. No material discrepancies were noticed on
 such verification.
 
 2.  (a) The inventory has been physically verified by the management
 during the year. In our opinion, the frequency of such verification is
 reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures for physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material and have been properly dealt with in
 the books of account.
 
 3.  The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Act.
 
 4.  In our opinion and according to the information and explanations
 given to us, and having regard to the explanation that purchase of
 certain items of inventories and fixed assets are for the Company''s
 specialised requirements and similarly the services rendered are for
 the specialised requirements of the buyers and suitable alternative
 sources are not available to obtain comparable quotations, there is an
 adequate internal control system commensurate with the size of the
 Company and the nature of its business with regard to the purchase of
 inventories and fixed assets and rendering of services. The Company''s
 activities do not involve sale of goods. In our opinion and according
 to the information and explanations given to us, there is no continuing
 failure to correct major weaknesses in internal control system.
 
 5.  The Company has not accepted any deposits in accordance with the
 provisions of sections 73 to 76 of the Act and the rules framed there
 under.
 
 6.  The Central Government has not prescribed the maintenance of cost
 records under section 148(1) of the Act, for services rendered by the
 Company.
 
 7.  (a) According to the information and explanations given to us and
 on the basis of our examination of the records, amounts deducted /
 accrued in the books of account in respect of undisputed statutory dues
 including Provident fund, Employees'' state insurance, Income tax,
 Wealth tax, Sales tax, Service tax, Duty of customs, Value added tax
 and other material statutory dues have generally been regularly
 deposited by the Company with the appropriate authorities except for
 certain dues relating to Income tax and Service tax wherein there have
 been delays ranging from 5 to 68 days. As explained to us, the Company
 did not have any dues on account of Duty of excise.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Income tax, Duty of customs,
 Sales tax, Value added tax, Service tax, Employees'' state insurance,
 Provident fund and other material statutory dues were in arrears as at
 31 March 2015 for a period of more than six months from the date they
 became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues of Income tax, Wealth tax, Service tax, Sales tax, Duty of
 customs and Value added tax which have not been deposited by the
 Company with the appropriate authorities on account of any disputes
 except for the following arrears:-
 
 Name of the       Nature of the               Amount       Amount paid 
 statute           dues                    (Rs. in Lakhs)     under protest
                                                           ( Rs. in Lakhs)
 
 Income Tax Act,   Income tax – TDS             7.23               _
 1961              demands
 
 Income Tax Act,   Income tax -                95.24             95.24
 1961              Disallowances
 
 Gujarat Value     Sales tax demand           124.75               _
 Added Tax Act,    on crane hiring
 2003              services
 
 Maharashtra       Sales tax demand           582.31             15.00
 Value Added Tax   on crane hiring
 Act, 2002         services
 
 The Finance Act,  Service tax on             261.20             19.59
 1994              services to SEZ
                   units
 
 Name of the              Period to which             Forum where
 Statute                  the amount                  dispute
                          relates                     is pending
 
 Income Tax Act            2007-2015              Commissioner of
 1961                                             Income Tax -
                                                  Appeals, Pune
 
 Income Tax Act            2010-2012              Commissioner of
 1961                                             Income Tax, Appeals
 
 Gujurat Value             June 2008 to           Gujarat Value
 Added Tax Act             March 2009             Added Tax Tribunal
 2003
 
 Maharashtra               April 2009 to          Deputy
 Value Added Tax           March 2010             Commissioner
 Act 2002                                         VAT, Pune
 
 The Finance Act           2009-2012              Customs, Excise &
 1994                                             Service Tax
                                                  Appellate Tribunal,
                                                  Mumbai
 
 c) According to the information and explanations given to us and on the
 basis of the examination of the records of the Company, there were no
 amounts required to be transferred to Investor Education and Protection
 Fund in accordance with the relevant provisions of the Companies Act,
 1956 (1 of 1956) and rules made there under.
 
 8.  The Company does not have accumulated losses at the end of the
 financial year. The Company has not incurred cash loss in the current
 financial year and in the preceding financial year.
 
 9.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to its
 bankers. The Company did not have any dues to any financial
 institutions or any outstanding debentures during the year.
 
 10.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 11.  In our opinion and according to the information and explanations
 given to us, the term loans taken by the Company have been applied for
 the purpose for which they were raised.
 
 12.  According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 course of our audit.
  
                                                   For B S R & Co. LLP
 
                                                 Chartered Accountants
 
                                 Firm Registration No. 101248W/W100022
 
                                                          Vijay Mathur
 
 Place : Mumbai                                                Partner
 
 Date : 22 May 2015                             Membership no.: 046476
Source : Dion Global Solutions Limited
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